SoFi Member Investor Profiles: ‘The More You Save, the More Your Money Can Grow’
SoFi Member Aaron Carreno had a really ambitious goal when he started investing: to save two full years’ worth of retirement income by the time he reached 35. To get there, Aaron, a project manager in Madison, WI, not only had to teach himself how to invest — but how to be a mad saver.
Aaron’s Investing Story
Even more important, Aaron recognized that when you’re focused on a goal that matters to you, it makes sense to explore a range of investing tools and apps (technology just keeps getting smarter), and loop in a specialist when you need one. Here’s how Aaron got on track to reach his goals.
It started with a windfall.
I made my first investment when I got some extra money from a family inheritance. This was years ago, but I knew I wanted to get a start on my retirement. Since this was money I didn’t have to touch, I decided to invest in my future.
When you have a big goal, get help.
It can sometimes be tricky to pick investments, so I lean on financial advisors to help guide me through the process. It makes a big difference.
Learn from other people’s big wins.
When my dad showed me how his investments had grown over time, that really got me inspired. Thanks to him, I started learning on my own.
Be disciplined about saving.
One of the best pieces of advice I got was to save at least 15% of my paycheck. You won’t regret it. Why? Compound interest! The more you invest, the more your money can grow — and you see how it helps your goals.
Set yourself up for a healthy retirement.
I also contribute to my retirement plan at work. With that account, I set it up so I’d get the match from my employer. Also, I set up annual contribution increases, so I’m saving more every year automatically. I don’t even have to think about it.
Watch out for fees.
There are no SoFi management fees, but there can be fees associated with different investments and different kinds of accounts. Always make sure you’re paying as little as possible, so you can keep more of what you earn.
I’m proud of what I’ve achieved.
By age 35, my goal was to hit an amount that’s twice the annual income I’m hoping for in retirement. I’ve succeeded!
Last thought…
If you haven’t started investing yet, start now!
The Takeaway
No matter what your financial plan is, or what goals you’re setting for yourself, take a minute to step back and look around at all your options. As Aaron can tell you, the days when investors had to figure everything out on their own are over. Technology is on your side. And so is making progress the old-fashioned way: by embracing good habits like saving regularly (and setting up automatic savings increases to your 401(k) account).
Put yourself on the path to success by opening a SoFi Invest® account, getting complimentary financial planning advice, and learning about different tools and investments that can help you achieve your aims.
SoFi Member responses are from the SoFi Ambassador survey, conducted in July 2021. All responses are published with the permission of the SoFi Member, and have been edited for grammar and clarity by SoFi editors. SoFi Ambassadors earn rewards for participating in the Ambassador Program.
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